Sunday , January 23 2022

Ecobank received a $ 200 million syndicate loan


# Other countries : Ecobank Transnational Incorporated (ETI) has completed a $ 200 million syndicated loan. This loan, organized by Deutsche Bank as part of diversifying the group's sources of funding, should be used mainly to repay part of bank debt.

Ecobank Transnational Incorporated has just announced a $ 200 million syndicated loan termination.

Having established and located in Lome, Togo, Ecobank Transnational Incorporated is the parent company of Ecobank Group, a general bank across Africa that is currently in 36 African countries. The group is also present in France, and has representative offices in Dubai, London and Beijing.

After launching by the group, the latest loan was subscribed for $ 268.5 million. This situation led the publisher to ask Deutsche Bank, the organizer of the transaction, to increase the amount of the issue of $ 150 million to $ 200 million.

"This money supports the ETI goal of maintaining a diverse funding base and strong market access," said a statement from the bank.

This loan, which will have to be repaid in November 2019, shows the organization's emergency financing needs, which currently have to cope with high operating expenses, despite attempts to simplify the management of the group .

READ ALSO: Ecobank: a crisis that could share shareholders

If no details were given on the allocation of resources borrowed, the amount raised could be used to allow the group's development, but also and above all, repay part of maturity debts during the current year .

At the end of 2017, Ecobank's various loans amounted to $ 1.72 billion, including $ 246.5 million in short-term receivables (less than 12 months). A site that extends the bank's acceleration, although it returns to green in 2017 with a profit of 228.54 million dollars, after losing 205 million dollars in 2016.

Source link